Market report

Taylor Wimpey ‘challenged’ | Wood sees Q3 uplift

Taylor Wimpey


Further weakness in the home building sector emerged from Taylor Wimpey which said it was still able to deliver a “good performance against a challenging backdrop”.

As at 5 November the current total order book excluding joint ventures stood at c.£1.9 billion (2022: c.£2.6 billion) representing 7,042 homes (2022: 9,153).

It has continued to see build cost inflation moderate as the year has progressed.

In a statement the company said: “We continue to expect to deliver full year 2023 UK volumes in the range of 10,000 to 10,500 homes, and due to our focus on optimising price and sharp cost discipline, we now expect Group operating profit to be at the top end of our guidance range of £440 million to £470 million.”

Jennie Daly, CEO, added: “Looking ahead, while the market backdrop remains uncertain, we are confident in the medium to long term sector fundamentals, with a meaningful supply and demand imbalance in UK housing.”

Shares closed 3.05p (2.64%) higher at 118.7p.

Wood Group

Keith Gilmartin

John Wood Group chief executive Ken Gilmartin hailed progress at the energy service company though the order book at 30 September was around $5.9 billion, flat on a comparable basis to September 2022 and slightly lower than the position at June 2023 ($6bn).

Third quarter revenue was up 8% to $1.48bn compared to the corresponding period last year and by 13% to $4.5bn over nine months.

Adjusted EBITDA for Q3 and YTD was in line with expectations, with growth across all of its business units in the third quarter.

Revenue is expected to continue to grow in the second half, albeit at a lower rate than the first half, which included the benefits of higher pass-through activity and a weak 2022 comparator. Overall, revenue for FY23 is expected to be around $6bn.

Mr Gilmartin said: “We have delivered another quarter of strong growth in revenue and EBITDA as we continue to execute against the growth strategy we set out a year ago. I am particularly pleased to see continued progress across sustainable solutions, now making up 35% of our pipeline, and some excellent contract wins in the period.

“Reflecting the momentum that we are building in the business, we remain confident that our actions, business model and strategy are delivering.”

Shares closed 2p (1.31%) up at 154.5p.


STV shares fell sharply after saying it expects lower operating profit this year as it takes a hit from weak UK television advertising revenue.

The shares closed 11.25p (5.88%) lower at 180p. Full story here

Capricorn Energy

Edinburgh-based Capricorn Energy, formerly Cairn Energy, has postponed its Detailed Operational Update planned for 30 November.

It said this is due to a number of factors including completing the required technical and commercial work to provide a comprehensive and detailed portfolio update.

The company said it will announce a rescheduled date in early 2024. Capricorn continues to hold constructive discussions with the Egyptian General Petroleum Company and its Joint Venture partner on activities in 2024.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.